Gold Prices Rebounds, Canadian Mint Offers $20 Silver Canoe Coin for $20

by Bullion Prices Staff on October 5, 2011

U.S. gold rallied Wednesday as investors scooped up the precious metal at bargain prices after its previous day loss. December gold prices rose $25.60, or 1.6%, to $1,641.60 an ounce on the Comex division of the New York Mercantile Exchange. Prices ranged from $1,596.60 an ounce to $1,648.90 an ounce.

"People are buying gold as proxy for fear," Adam Klopfenstein, a senior market strategist at MF Global Holdings Inc. in Chicago, said in a telephone interview according to Bloomberg. "Also, the strength in the commodities pack is helping gold."

In other New York precious metals futures prices, December silver added 51.3 cents, or 1.7%, to $30.35 an ounce, December palladium rose $6.20, or 1.1%, to $570.35 an ounce and January platinum added $14.30, or 1%, to $1,482.90 an ounce.

London Bullion Prices

London bullion moved lower as a group for a second day with most metals registering significantly heavier losses. Changes from the Tuesday PM to Wednesday PM fixing prices show that:

  • Gold fell $21, or 1.3%, to $1,617 an ounce
  • Silver declined $1.91, or 6.2%, at $28.69 an ounce
  • Palladium fell $39, or 6.6%, to $549 an ounce
  • Platinum declined $37, or 2.5%, at $1,444 an ounce

United States Mint Bullion Coins

American Silver Eagle bullion coins jumped 225,000 higher after they rose by a more modest 50,000 during the previous day. Sales of other United States Mint 1 oz. bullion coins also advanced. The 22-karat American Gold Eagle added 6,000 and the 24-karat American Gold Buffalo added 2,000.

The latest United States Mint bullion coins sales are provided below in the daily, October 2011 and YTD 2011 columns.

Sales of United States Mint 2011 Bullion Coins
  Wednesday
Gain
October
2011
2011
Totals
1 oz American Gold Buffalo 2,000 5,000 137,500
1 oz American Gold Eagle 6,000 13,500 773,500
1/2 oz American Gold Eagle 0 1,000 63,000
1/4 oz American Gold Eagle 0 2,000 74,000
1/10 oz American Gold Eagle 0 0 345,000
5 oz America the Beautiful Silver not reported 1,900 386,600
1 oz American Silver Eagle 225,000 1,012,000 34,423,500

 

Notes. Figures above are in coins, not ounces sold. The United States Mint last updated the sales of 5 oz. America the Beautiful Silver Bullion Coins on Monday, October 3, 2011. All other figures have an "as of date" of Wednesday, October 5, 2011.

Canadian 2011 $20 Silver Canoe Coin

In other world coin news, the Royal Canadian Mint (mint.ca) is selling its Silver Canoe Commemorative Coin. The 2011-dated coin, struck from .9999 fine silver and weighing nearly 8 grams, has a face value of $20 and it is being sold for $20, plus shipping and handling. The mintage is set at 250,000. Many watchers think it may sell out like the Mint’s previous $20 Silver Maple Commemorative Coin (also listed for $20) which sold out with a mintage of 200,000.

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